Hargreaves Lansdown Adds Crypto ETNs to Investment Platform

Hargreaves Lansdown, the UK's largest retail investment platform, has started offering nine bitcoin and ether exchange-traded notes (ETNs) to its two million clients. The products come from six issuers: BlackRock's iShares, CoinShares, WisdomTree, 21Shares, Invesco, and Bitwise.

The ETNs are available with annual fees ranging from 0% to 0.35%. This move follows a rule change in the UK that allows regulated crypto products to be offered to clients as long as they understand what they're buying.

Hargreaves Lansdown has previously warned its clients about investing in cryptocurrencies, stating last October that 'Bitcoin is not an asset class' due to its price history showing periods of extreme losses. Despite this, the firm is now offering the crypto ETNs with client assessments and a 24-hour waiting period before they can place orders.

The Financial Conduct Authority (FCA) lifted its four-year ban on crypto ETNs for retail buyers in October, requiring firms to test whether clients grasp the risks involved. This move marks a reversal from Hargreaves Lansdown's previous stance and adds regulated crypto products to its investment offerings.